ROLLUP: ETH ATH! | U.S. Gov Onchain GDP | Google’s L1 | Hyperliquid Prints | EU Digital Euro?
On this week’s Weekly Rollup, Ryan and Haseeb debate if ETH’s new all-time high signals the top or just the start, with whales rotating from BTC into ETH and alt season heating up. Powell hints at rate cuts, ETFs keep pulling billions, and Tom Lee’s billion-dollar ETH bet takes center stage while treasury premiums sink. Meanwhile, Google teases an L1, Hyperliquid outpaces Robinhood, and Europe floats a digital euro, setting up another pivotal week in crypto.
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TIMESTAMPS & RESOURCES
0:00 Intro
0:38 Big Sean Crypto
https://x.com/altcoindaily/status/1960753873376961031
3:20 Powell’s speech last week
https://www.nbcnews.com/business/economy/powell-opens-door-potential-rate-cut-speech-jack
https://x.com/FinanceLancelot/status/1958934829082583312
https://x.com/Cointelegraph/status/1958907551442993491:
https://x.com/charliebilello/status/1958910251819786478
https://x.com/AnnaEconomist/status/1958923556680536487
9:10 Markets
https://x.com/JSeyff/status/1959982000804442559
https://x.com/BanklessHQ/status/1958941150041317514
https://x.com/speculatorart/status/1960322107864141966
https://www.coindesk.com/markets/2025/08/25/bitcoin-flash-crash-triggers-usd550m-in-sunday-l
https://x.com/JacobKinge/status/1959724849598718428
https://x.com/lookonchain/status/1958767845934080277
https://x.com/woonomic/status/1960442328604200987
24:53 HYPE Crushing it - competitive with major exchanges
https://x.com/cointelegraph/status/1960379396927213990
https://blockworks-research.beehiiv.com/p/is-hype-still-cheap-8541fea8eaae3e65
https://x.com/infinitybanyan/status/1960373080389304611
34:55 SOL DATs are coming - 3 of em!
https://x.com/matthew_sigel/status/1959942140500365564
https://x.com/SolanaFloor/status/1959948823280619558
https://decrypt.co/336832/pantera-capital-eyes-1-25b-raise-solana-treasury-firm
https://panteracapital.com/blockchain-letter/dat-value-creation/
https://mcga.com/news/trump-media-group-cro-strategy-to-acquire-cro-digital-asset-treasury
https://blockworks.co/analytics/treasury-companies/market-data
42:01 Google is building its L1
https://www.linkedin.com/posts/rich-widmann-a816a54b_all-this-talk-of-layer-1-blockchains-has-activity-7366124738848415744-7idA/
49:35 US GOV - will publish GDP figures onchain!
https://www.youtube.com/watch?v=cbEPqUdelFo
https://blog.chain.link/united-states-department-of-commerce-macroeconomic-data/
https://x.com/Cointelegraph/status/1961067983800881224
https://x.com/krakenfx/status/1961081675175149795
https://etherscan.io/address/0x36ccdf11044f60f196e981970d592a7de567ed7b#code
https://docs.chain.link/data-feeds/us-government-macroeconomic/addresses?page=1&testnetPage=1
51:41 The EU may release a Stablecoin on a public chain - Ethereum or Solana
https://x.com/DefiIgnas/status/1958754787345727712
https://app.rwa.xyz/stablecoins
https://www.reuters.com/business/finance/china-considering-yuan-backed-stablecoins-boost-global-currency-usage-sources-2025-08-21/
56:45 Kanye West released $YZY
https://x.com/kanyewest/status/1958346810801697237
https://x.com/CryptoHayes/status/1958356982991401006
https://x.com/lookonchain/status/1958355708010975580
https://x.com/JamesWynnReal/status/1958383968945831940
59:43 DOJ announced that it won’t bring charges against non-custodial developers
https://x.com/BanklessHQ/status/1958645825732501566
1:04:51 Closing & Disclaimers
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ETHZilla wants to turn ETH into Wall Street’s new reserve asset, and they’ve built a plan to do it. Ryan sits down with Avichal Garg (Electric Capital) and Mac Rudisill (ETHZilla) to unpack why ETH treasuries exploded this cycle, how credit markets (converts, preferreds, and debt) supercharge accumulation, and why stablecoins → DeFi → ETH forms a flywheel that turns Ether into high-quality collateral. We dig into leverage discipline, mNAV premiums, operational security, and the business math that makes an ETH treasury look more like Berkshire than a hype trade. Plus: can this wave trigger a DeFi after-boom, and what does “winning” actually mean for ETHZilla?
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TIMESTAMPS
0:00 Intro
3:53 Catching Tom Lee and Peter Thiel Backing
7:53 Treasury vs. ETF vs. Just Holding ETH
11:58 Why Treasuries Are Booming
16:51 New Debt Instruments & Appetite
22:00 Leverage, Rehypothecation & Risk Controls
29:50 The Big Unlock: ETH as High-Quality Collateral
34:35 Stablecoins → DeFi → ETH Flywheel
38:55 “ETH Is the Next Bitcoin?”
54:51 Why ETH Lagged BTC
56:05 ETH vs BTC Treasuries: Yield Surface
1:01:33 Why Electric Capital Runs Deployment
1:03:45 Buy Rules: Time vs. Price
1:09:00 Attention Matters: Spokesperson & Community
1:13:24 What “Winning” Looks Like for ETHZilla
1:17:59 Where Are We in the Cycle?
1:26:12 DeFi Afterboom?
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RESOURCES
Maria Shen’s “Beyond Stablecoins” Report
https://x.com/MariaShen/status/1942658782439395815
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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Will Crypto Peak in 2025 or 2026? Onchain Data Signals | Michael Nadeau’s DeFi Report #5
Crypto cycles have always topped on a four-year rhythm, but are we heading for a Q4 2025 peak or an extended run into 2026?
Michael Nadeau from The DeFi Report joins Ryan to break down the onchain and macro signals shaping this cycle. We cover Powell’s dovish pivot at Jackson Hole, global liquidity trends, and why loosening bank lending standards could fuel risk-on markets. Michael explains how whale Bitcoin selling, ETH’s breakout, and muted altcoin flows fit into the bigger cycle map. Finally, we dive into portfolio strategy, from core holdings to high-beta “hot sauce” bets, and why holding fewer, higher-conviction assets is the edge most investors miss.
Michael Nadeau & The DeFi Report:
https://x.com/JustDeauIt
https://thedefireport.io
https://thedefireport.io/research/how-many-assets-should-you-hold-in-a-crypto-portfolio#closing-thoughts
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📣BIT DIGITAL ($BTBT) | ETH-FIRST PUBLIC COMPANY
http://bit-digital.com
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TIMESTAMPS
0:00 Intro
3:01 Global Liquidity Insights
6:44 Market Valuations Discussion
9:53 Lending Standards & Bank Activity
11:49 Powell's Impact on Markets
15:34 Inflation and Market Psychology
17:38 Bitcoin Fear and Greed Index
18:58 Long-term vs Short-term Holders
22:45 Realized Price vs Market Value
26:34 Altcoin Market Dynamics
31:19 Extended Cycle vs Classic Cycle
35:06 Portfolio Construction Strategies
39:27 Core vs Non-Core Asset Holdings
43:10 High Beta Assets Explained
45:54 Cash Allocation Strategies
54:05 Upcoming Research and Reports
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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We’re Still Early to The Institutional Crypto Cycle | Eric Peters, CIO Coinbase Asset Management
Eric Peters, CIO of Coinbase Asset Management joins Ryan to chart how crypto matured to today’s institutional market with deep liquidity, ETF rails, and stablecoin clarity.
They unpack why Wall Street is leaning in, why the next wave is digitally native issuance of treasuries, bonds, and equities on Ethereum, and how macro tailwinds (fiscal dominance, Fed–Treasury convergence, AI-driven productivity) intersect with crypto’s reflexivity.
Risks and realities aren’t ignored—over-financialized “treasury companies,” security lapses, and policy whiplash—plus a 12–18 month roadmap of real on-chain use cases as pensions and sovereigns start arriving.
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TIMESTAMPS
0:00 Intro
5:55 Throwback to 2020
9:29 Institutional Infra: Before & After
11:47 Institutional Adoption: Before & After
15:57 TradFi ETF Incentives
19:07 Did Crypto Become Consensus?
22:45 Balancing Conviction & Change of Opinion
28:20 The Story of Money
33:19 Institutional Understanding
37:57 Is Crypto Too Big to be Shut Down?
43:44 Operation Chokepoint Takeaways
49:18 Crypto Regulation 180
56:13 Working with Different Jurisdictions
1:04:05 The Future of Tokenization
1:10:10 Crypto ETFs Aftermath
1:18:32 How High Can Crypto Go?
1:32:23 Treasury Companies
1:38:27 Eric’s Macro Trades
1:44:18 What Could Go Wrong?
1:48:04 Coinbase Asset Management
1:53:34 What’s Next?
1:54:52 Closing
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RESOURCES
Eric Peters
https://www.linkedin.com/in/charlesericpeters/
Coinbase Asset Management
https://www.cbassetmgmt.com/
One River Asset Management
https://www.oneriveram.com/
Last Eric Peters interviews
https://www.youtube.com/watch?v=z8oocKy3IwU
https://www.youtube.com/watch?v=NMPiGjxdH0E
Vitalik’s Interview
https://www.youtube.com/watch?v=rNSnYIjoqOM
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
On this week’s Weekly Rollup Ryan and David ask if the cycle top is in and whether alt season is coming, debating if it is time to buy the dip or sell everything while reviewing 30 market signals. ETH ETFs pull in over $3B as Tom Lee buys and Saylor mints more MicroStrategy shares, yet prices remain stuck and treasury premiums compress. Meanwhile the Fed signals a pro-crypto shift, Wyoming unveils a state stablecoin, and New York threatens new taxes, setting up another pivotal week in crypto.
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🦄UNISWAP | SWAP ON UNICHAIN
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🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle
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TIMESTAMPS & RESOURCES
0:00 Intro
0:10 What if $124,000 was the cycle top and there won’t be an altseason?
https://x.com/QuintenFrancois/status/1957893416282648646
5:10 Markets
https://x.com/TheStalwart/status/1958179878940901700
https://x.com/TheStalwart/status/1958179988802302124
https://www.cnbc.com/2025/08/18/openai-sam-altman-warns-ai-market-is-in-a-bubble.html
https://www.theverge.com/ai-artificial-intelligence/759965/sam-altman-openai-ai-bubble-interview
https://www.tradingview.com/chart/1RYLG2gC/
https://finance-commerce.com/2025/08/fed-rate-cut-debate-jobs-inflation/
https://polymarket.com/event/fed-decision-in-september?tid=1755697973403
https://farside.co.uk/eth/
https://x.com/hildobby/status/1957489251890962578
https://x.com/Cointelegraph/status/1957491638671949895
21:12 Treasuries keep buying…but mNAV losing it’s premium.. Is the treasury meta over?
Bitmine became the 2nd largest crypto treasury
https://x.com/SERdotxyz/status/1957417581138288945
https://x.com/arkham/status/1956387897830965711
https://x.com/RyanSAdams/status/1957849710678384977
https://www.strategicethreserve.xyz/
https://x.com/Cointelegraph/status/1957623767443587218
https://www.tradingview.com/chart/1CDu50yK/?symbol=NASDAQ%3AETHZ
https://x.com/saylor/status/1957413273122287738
https://x.com/kale_abe/status/1957433733025288674
https://youtu.be/hEJueJxftuU?si=682aUZrlLGwuDDCg
https://blockworks.co/analytics/treasury-companies/bitcoin-treasury-companies
https://www.coindesk.com/business/2025/08/18/btcs-to-pay-first-ever-ether-dividend-loyalty-bonus-to-discourage-short-selling
41:00 Is the current crypto cycle over?
https://www.coinglass.com/bull-market-peak-signals
https://x.com/fejau_inc/status/1957672639054639465
https://x.com/nic__carter/status/1957875046002680141
https://x.com/NateGeraci/status/1957074513365016952
https://cointelegraph.com/news/norway-sovereign-wealth-fund-bitcoin-exposure
50:05 Gemini is getting ready for its IPO
https://www.theblock.co/post/367160/gemini-ipo-filing-exchange-targets-nasdaq-as-gemi-reveals-dip-in-revenue
51:06 New York proposed 0.2% tax on digital asset transactions starting September
https://x.com/Cointelegraph/status/1956423461342969915
53:43 Wyoming launched the first stablecoin issued by a US state
https://x.com/eleanorterrett/status/1957763504435524055
55:01 Exec director crypto whitehouse - Bo Hines left exchanged White House for Tether
https://tether.io/news/tether-appoints-former-white-house-crypto-council-executive-director-bo-hines-as-strategic-advisor-for-digital-assets-and-u-s-strategy/
57:35 SEC is investigating the CEO of WLFI treasury company
https://x.com/zoomerfied/status/1957856353537372614
https://x.com/ALT5_Sigma/status/1957946923647922519
https://x.com/Jonisaac702/status/1957903664393384023
59:04 FED is turning bullish on crypto
https://www.theblock.co/post/367508/we-stand-at-a-crossroads-feds-bowman-urges-more-of-an-embrace-toward-crypto-and-tech
1:02:05 Closing & Disclaimers
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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